Rio Tinto Raises Prices of Rough Diamonds at Sight
March 18, 04
Global miner Rio Tinto has raised prices significantly at its sight in Antwerp this week, 4 - 5 percent on average across the board. The most notable price hikes were on 2+ pique goods, estimated at 7 – 9 percent.
Despite the rise demand is strong and clients are “running after the goods” as one happy trader in Antwerp said. The strongest demand is seen for the white goods from Diavik.
The –16 goods saw a more modest price rise of about 2 percent with the smallest goods probably remaining unchanged.
Rio Tinto also offered more goods during the sight, reportedly up to 20 percent more.
Owner of the Argyle mine in Australia and 60 percent owner of the Diavik mine in Canada’s Northwest Territories, Rio Tinto is following market trend of escalating prices as demand continues to be very strong.
Only yesterday De Beers announced a 5 percent hike in goods for it will be offering next week and Russian miner Alrosa has raised prices 8.5 percent two weeks ago.